Singapore’s family businesses tend to be young by global standards so they may be at an earlier stage in the journey towards formal governance, but our survey clearly shows the direction of travel. For both the individual businesses and the country’s economy as a whole, this is signs of moving in the right direction.

When it comes to professionalising the family business, there is no ‘right’ answer. Each is unique, and what works for one may not work for another. But there are several imperatives that remain true across all businesses and all industries: the need to professionalise the business, the need to professionalise the family and, perhaps most important of all, the need to do so before a problem arises.

Moving forward, Singapore’s family businesses will eventually need to make some tough decisions in order to balance the Asian values of harmony and togetherness with western business practices of formal governance.